BERLIN (dpa-AFX) - HUGO BOSS (HUGSF.PK) reported that its second-quarter EBIT, excluding impairment charges, was negative 124 million euros, compared to positive 80 million euros last year.
The company said various expense-reduction measures initiated at an early stage enabled HUGO BOSS to considerably cut its operating expenses in the second quarter, thereby cushioning the earnings decline to some extent.
In addition, impairment charges in the amount of 125 million euros entirely related to the pandemic's impact on the Group's retail business weighed on the operating result or EBIT.
When including the impairment charges, EBIT for the second quarter amounted to negative 250 million euros.
Group sales were 275 million euros in the second quarter, a decrease of 59% from last year both in reporting currency and currency-adjusted. While own retail sales decreased 58%, wholesale revenues fell 64%, both currency-adjusted.
The company expects gradual improvement for the second half of 2020.
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